Our ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.more

PREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process. more

Our Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts. more

FedLink Anywhere eliminates the time consuming job of manually preparing customer wire requests. Its Web-based design allows bank customers and branch personnel to securely prepare and authorize wire transfer requests from anywhere in the world. The FedLink Anywhere module provides a Web-based front end for remote branches and bank customers.more

For banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.more

FedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.more

The SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.more

FedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.more

Our OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.more

Our Products

Ocean Systems’ offers a comprehensive line of software products designed to automate tasks and to ensure anti money laundering compliance.

ECSOur ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.

PREVENTPREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process.

RETINAOur Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts.

FEDLINK DIRECT CONNECTFor banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.

FEDMAILFedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.

SWIFT INTERFACEThe SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.

MULTICURRENCYFedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.

OFAC-EDD SERVEROur OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.

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Product Details

OFAC EDD Server

The OFAC EDD Server assists banks in the Enhanced Due Diligence process by facilitating the search of blocked entities and Politically Exposed Persons (PEP). The product Proprietary PEP lists, and lists published by the US Office of Assets Control (OFAC) and the Bank of England (BOE) are automatically updated. In addition, the bank may include its own private and supplemental lists as part of the verification.

Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning the client database and transaction history.

Most any type of data can be processed, depending on the options procured and configured. Documents such as Letters of Credit, client or prospect lists, wire transfers, and transaction files can be scanned. Specific applications such as wire transfers, SWIFT, Account Registration, and E-Mail can be set up to automatically scan their transactions through the OFAC Server.

Built as an Automation Server, the OFAC Server is a multi-user, multi-process facility that can verify data such as customer files and databases, user input from the keyboard, transactions or messages from other applications, or databases of different types. It may be used as a simple user application or as an unattended server that services multiple processes across the institution’s network.

The Server’s search engine is built on the same technology used by Ocean Systems’ OFAC Manager. Mass searches are performed in seconds using a proprietary search algorithm that has been fine-tuned over the span of eight years. Different search options such as Soundex and partial Sounndex are available to match against misspelled and partial names.

Compatibility with other Applications

The OFAC EDD Server can be configured to process data by using either files or by using online messages over MQ Series. SWIFT, Fed Wire, and ACH transactions may be scanned in their native format. The OFAC Server can be configured to scan transaction files that are processed via the Fedline terminal or SWIFT terminals such as SWIFT Alliance.

Ocean Systems, Inc.

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News

12/8/2013

Ocean Systems to Sponsor Upcoming FIBA AML Conference

Ocean Systems will again sponsor the Florida International Banking Association's AML Conference. The 14th Annual Money Laundering Compliance Conference will be held in Miami on February 20 - 21, 2014.

FedLink Release 7.8 was made available to comply with the requirements set forth by the Remittance Transfer Regulation, an amendment to Regulation E, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Much of the functionality was already implemented in Release 7.7 prior to the last amendment to the ruling, yet some modifications and enhancements were made in Release 7.8 to address the latest changes.

Users of FedLink Anywhere may now obtain live Foreign Exchange Rates from Wells Fargo when preparing international wire transfer payments. For consumer remittances, the user is presented with a pre-payment disclosure that incldues the FX Rate, third party fees, and delivery date, to comply with the Dodd Frank Regulation E.

2/12/2013

Ocean Systems unveils new ECS Release 3.0 in its user conference

Ocean Systems held its user conference today in Miami. Attendees of user banks from the US, Latin America, and the Caribbean were present to witness the SENTINEL, the new ECS Release. Other modules were also presented, including the new versions of PREVENT Risk Assessment, and RETINA, the Real Time Fraud Monitoring.

2/7/2013

Ocean Systems releases a new version of its Multicurrency Module to comply with Dodd-Frank Regulatio

FedLink's Multicurrency Module, Release 7.7, allows both bank customers and branch personnel to produce a Pre-Payment Disclosure when a foreign payment is prepared as required by the upcoming Dodd-Frank Regulation E.

In anticipation of the upcoming Dodd-Frank Regulation E, Ocean Systems has released FedLink Version 7.7. The new release complies with all disclosure requirements of the new Regulation E as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. User banks may design their own templates in multiple languages to produce both the Pre-Payment Disclosure and the Payment Receipt. The disclosures include the associated currency exchange rate, third party fees and taxes, and all other information required by the new Reg-E.

12/1/2012

Ocean Systems to Sponsor Upcoming FIBA AML Conference

Ocean Systems will again participate as a gold sponsor at the Florida International Banking Association's AML Conference. The 12th Annual Money Laundering Compliance Conference will be held in Miami on February 23 - 24, 2012.